While the driver briskly crosses the Hamburg Elbbrücken, his gaze lingers dangerously long on a massive concrete skeleton. The semi-finished structure of the Elbtower in the Hafencity, poised to become the tallest building in Germany outside Frankfurt, is already an intimidating monument at this stage.

After the collapse of René Benko's real estate empire, this sight is likely to remain unchanged for a while. Construction has come to a halt at the harbor since the Signa Group filed for insolvency. However, even the most enthusiastic admirers of the morbid charm of old ruins can understand that the Hanseatic city does not want to perpetuate the unfinished state of this prestige building. Hamburg is fervently searching for a new project developer to promptly complete the Elbtower.

The rampant real estate crisis is paralyzing progress on an increasing number of major construction sites across the country. It's not just the collapse of the Signa conglomerate that is disrupting beautiful skyline dreams. The entire industry is in a bind due to soaring financing and material costs. Especially project developers, who often bear the greatest risks, can no longer withstand the pressure of inflation, recession, and interest rate hikes.

In the heart of Frankfurt's city center, this drama takes on a unique twist. Last August, Gerchgroup filed for insolvency, at least partially affecting four out of nine major projects of the real estate developer. The elaborate revival of the historic Frankfurt police headquarters was initially unaffected. But the hope was short-lived. It was recently revealed that the companies responsible for developing the prime property within walking distance of the glittering bank towers are also bankrupt.

Many Frankfurters may not be so sad about the latest turn in the saga of the neglected area. The 1914-completed police headquarters, with its impressive blend of neo-baroque and neoclassical architecture, has long been one of the country's most prominent "lost places." Abandoned to decay for 22 years, the architectural monument serves as both a dystopian film set and a romantically morbid open-air cinema. Hobby photographers regularly embark on photo safaris in the artistically crumbling corridors, and historians guide fascinated visitors through the stone testimony of the city's history.

It seems that these cultural and tourist attractions will endure for a while. The transformation of the 15-hectare area into another polished and strangely sterile new district in Frankfurt – as originally planned by 2026 – is now entirely out of the question.

Meanwhile, the city is currently anxiously exploring alternatives, as urgently needed subsidized housing is supposed to be developed in the new district. The prospects of success are uncertain amid the somber mood in the real estate sector. For now, the old headquarters remains either an eyesore or a mystically weathered lost place – depending on one's perspective.